Retention And Limits Clause
Provision in almost all excess of loss reinsurance contracts under which payment is made by a re insurer of each and every loss incurred by the cedent in excess of a specified sum, up to a fixed limit. Under this clause, there is no restriction on the number of claims that may be recovered by the cedent under the contract for any one event. The only stipulation is that each claim must arise as a result of the event in question.
Popular Insurance Terms
Coverage against hail damage to crops. Coverage is on a proportionate basis; that is, in the event of loss, a farmer will recover an amount based on the ratio of the damaged part of a crop ...
Three types of damages can be awarded to a plaintiff: Special Damages reimbursement for out-of-pocket expenses, including medical bills, legal charges, cost of repairing damaged or ...
Policy used to provide the funds necessary for buy-and-sell agreements whereby an income payment or a series of income payments are paid to the buyer of the disabled partner's interest ...
Arrangement that provides for the reduction of estate taxes and the payment of tax-deductible life insurance premiums. The procedure is for a donor to present a charity with a gift of a sum ...
unlawful application of force to another's person; physical striking of another without permission. ...
Addition to a business property insurance policy to cover loss of earnings, subject to a monthly limit, in the event that property of an insured is destroyed and a business cannot continue. ...
Reinsurance clause that stipulates that the reinsurer will be subject to the same fate as the ceding company. ...
in health insurance, reimbursement for an insured's medically related expenses, including room and board, surgery, medicines,anesthetics, ambulance service to and from a hospital, ...
Remedy imposed by a court of law, usually in the form of a monetary award, as compensation to the insured party for the civil wrong incurred. A civil action is initiated by the injured ...
Have a question or comment?
We're here to help.